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Big win for divestment advocates. New York, third largest pension fund in the U.S., moves to review oil and gas companies for potential divestment by 2025; sets net zero 2040 goal - in line with state's climate law.
https://www.politico.com//states/new-york/albany/story/2020/12/09/dinapoli-commits-new-york-state-pension-fund-to-net-zero-emissions-portfolio-by-2040-1344117
https://www.politico.com//states/new-york/albany/story/2020/12/09/dinapoli-commits-new-york-state-pension-fund-to-net-zero-emissions-portfolio-by-2040-1344117
. @NYSComptroller has opposed wholesale divestment, citing index fund challenge and preference for engagement.
It'll be interesting to see whether any tar sands, shale gas, gas service companies, majors or pipeline/storage companies make the cut for NY to remain invested.
It'll be interesting to see whether any tar sands, shale gas, gas service companies, majors or pipeline/storage companies make the cut for NY to remain invested.
The move by NY could pave the way for other funds to take divestment more seriously or move more quickly.
Review of fossil fuel companies to remove those without transition plans will also include more public notice - there was limited transparency re: coal divestment decision.
Review of fossil fuel companies to remove those without transition plans will also include more public notice - there was limited transparency re: coal divestment decision.
One interesting thing to watch: How the fund vets companies pledges for net-zero emissions -- are carbon offsets credible? do the companies stick to their plans?
@NYSComptroller cited Microsoft, Google and Apple as already having made net-zero commitments.
@NYSComptroller cited Microsoft, Google and Apple as already having made net-zero commitments.
